Tax Law Blog: Buying a House in 2013? You Could Qualify for a Federal Tax Credit up to $2,000 a Year for the Life of Your Mortgage!

On Monday, Jan. 7, Governor Branstad and Lt. Gov. Reynolds announced a new program which allows eligible homeowners that purchase a home in 2013 to receive a dollar-for-dollar federal tax credit in an amount up to $2,000 per year for the life of the mortgage. This new credit is called "The Take Credit". The program is available through 2014, or until funds run out and then the program will end. It is estimated that approximately 1,000 Iowa home buyers will benefit from this program.

In order to qualify for "The Take Credit", a home buyer must meet the following criteria, including:

income limits;

home price may not exceed $305,000 (and in some cases $250,000);

home must be located in Iowa; and,

must be either a first-time home buyer, purchasing a home within a specific area or a military veteran who has not previously used a mortgage revenue bond program.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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